AUDCAD has shown a steady increase, currently trading above 0.9100. Both the RSI and MACD indicators are holding in positive regions, indicating a bullish trend. The currency pair reached a 14-month high of 0.9125 on February 8, showcasing a strong upward movement. Despite facing resistance in the 0.9100 area, the technical indicators suggest that the bulls are not ready to give up just yet.
The RSI is slightly below the 70 level, while the MACD is maintaining positive momentum above its trigger and zero lines. This reinforces the positive bias in the market for the time being. If AUDCAD continues its uptrend and surpasses today’s high, the next target would be the 0.9230 barrier, which is derived from the March 2023 high.
On the downside, the 23.6% Fibonacci retracement level at 0.9030 serves as the first support level to watch. A breach below this level, around 0.9005, which coincides with the 20-day simple moving average (SMA), could lead to a shift in momentum towards the downside. Despite these potential obstacles, the overall trend for AUDCAD remains upward in the daily chart.
To attract new buyers and sustain the bullish momentum, AUDCAD will need to break through the 0.9125 resistance level. While the current market conditions favor a positive bias, traders should remain cautious of potential reversals or corrections based on evolving market dynamics.
The AUDCAD trading trends indicate a strong upward movement, supported by technical indicators and key support levels. However, traders should exercise caution and closely monitor price action to navigate potential challenges in the market.